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For more information about our current and future promotions, kindly visit this page often or contact one of our customers support agents at Promotions@forexgen.com , or you can chat with our representatives, you can also request a call back from one of our agents by sending us your contact number and the best time we can reach you.
Sunday, November 18, 2007
Wednesday, November 14, 2007
ForexGen.com SCAM WARNING - Traders, Watch Out!
I know this will not help many who get blineded by the dream to profit big in forex for the first time, but novice traders, please read this so you don't get into the corner I found myself in, losing most of my money because this bastrad of all bastards who you call Felix, and i call demitri or the real brain behind all this scam, a guy called Bruce Hoffman from Texas(convicted for many fraud crimes and spent time in jail).
This little punch of people doing what at least can be described as organized crime, inlcuding many other identities like Rob, Grespi, Rick, Ghafour, Rasheid, Omar, and many more masks....all fake
They promote their signal service, fooling novice forex traders to count on them in trading the news. they have caused hundreds of people to lose big money. they even dare to promise you if you lose that they can blackmail the broker to get you your money back.They have done that several times and we have seen traders burned by their flames, and they try to flame brokers too, some times succeed and others not. Google for felix combined with Oanda, interbankFX, FXCM, Forex.com, and any broker of your choice, you will see their scams, a replica used with tens of brokers over the past 3 years, and the victims, hundreds of traders who get broke.
See what I found about those bunch of crooks on the web, and don't ask me, I have been also burned by these theives.
The email sent by Felix the bastard:
"Hi there One of my full time forex trading buddies just had a serious problem happen. He had an account with www.Interbankfx.com with $620,000 of real money in it. They went through some "technical difficulties", executed a bunch of trades that he didn't execute, margin called him, e.t.c. Long story short, lost him $280,000 in a matter of days, because of "technical difficulties".
Then he spoke to the CEO of the company, who shook his hand, admitted that these were indeed technical difficulties, and he would take care of him.
Now, they are dropping the ball on him, saying that he is a beginner trader, and it was all his fault...I mean these guys opened some trades while this guy was out of town!
Having this website, I get a bunch of different complaining emails from people, and obviously I usually don't email about people's problems to you. But in all honesty, I know this guy very well personally, I've seen his account statements, and I know he is not bullshitting me. I mean this guy was making hundreds of thousands in forex, while I was still in high school, and didn't even know what the word forex meant. And by the way, it's not Tom or Rob...it's somebody else.
Here is the real reason why I am emailing you. This guy has a lawsuit going against Interbank FX right now, he already has a federal attorney involved, and he is trying to shut these suckers down, in addition to getting some of his money back.
If you had an account with Interbank FX, and you also feel you got "screwed" by them, then perhaps you could add yourself to the lawsuit, and recover some of your losses, and put an extra complaint against them to get them shut down.
If you want to get involved in this or have some other helpful information for my friend, please don't respond to this email, instead send an email with your story to interbankfxfraud@forexbastards.com
To Our Success!
-Felix Homogratus"
Posted by GreenField (Member # 2533) on June 20, 2006 02:45 PMJune 20, 2006 02:45 PM:
So now we hear from both sides, let us think about it, make good judgement, and do further research if we have to. Know the truth and the truth will set you free. Here is the email I got from Interbankfx:
Hello Mr. Chang,
I appreciate your comments and we have to say that we are saddened by the potential impact that lies and rumors can cause. To help you help us to combat these types of deceptions, we are providing you additional details which you can distribute. They are a summary of a 6 page response letter which was sent to Cashmonsterz clients.
Warm regards,
Javier H. Paz
Institutional Sales Director
A reckless and unprincipled trader named Carlos Roman, of Cashmonsterz, has apparently asked his buddy Dmitri (Felix) of www.forexbastards.com to defame Interbank FX. Carlos turned $370,000 into a $100,000 master account in a matter of days. His approach to trading was to max out the available margin of the master, to close the positive side of trades and let the open losses ride with the hope that the market would turn around.
In sideways markets this approach might work many times, but on May 11 and 12 the British pound trended on a big way and touched 1.9000, forcing him to place a hedge 600 pips wide! After that point, the sub-accounts were on intensive care. He called multiple times asking us to cancel the trades with the promise of bringing more clients to us.
We told him we couldn't do this for him. To complicate matters further, he changed Pamm settings an average of once a day and kept on trading aggressively taking many accounts to a margin call situation
The more he changed the Pamm settings, the more difficult it was to perfectly hedge open positions.
Throughout this period, Interbank FX tried all within its power to make sure that subaccounts were hedged, but things evolved to a point were several subaccounts could no longer be hedged because they had fallen below the 100% margin level. Posted by stevegee58 (Member # 4086) on June 20, 2006 03:01 PMJune 20, 2006 03:01 PM My god.
If I'd been pushing trades with my *own* money to the max like that I'd be sh1tting my pants. If it was other people's money, I'd jump out a freaking window if I wasn't dead from a coronary already.
Posted by FisherKing (Member # 3924) on June 20, 2006 03:05 PMJune 20, 2006 03:05 PM: I'm going to have to believe Intebankfx on this one. Posted by Piprider (Member # 4331) on June 20, 2006 03:24 PMJune 20, 2006 03:24 PM: I will believe interbank fx too.
It looks like Mr. D u m b A s s was good enough to attract money from clients - good enough to feel it is a marketable enough skill to offer it in trade for having his dealer take the losses of the positions he accumulated but with money management skills equivalent to those of Danielgsx.
Then, he tries to mitigate the damage by trying to play on the public opinion's general distrust of market makers. He should have partnered up with someone who can really trade and relegated himself solely to the solicitation of funds from clients.
Instead, he took everyone to the crapper at lightspeed.
Posted by OrlandoFlyBoy (Member # 3974) on June 21, 2006 10:20 AMJune 21, 2006 10:20 AM: Well, I don't get it.
It appears that they are talking about two different things, but making it sound like the same thing. Was this a platform error that executed trades by itself, a newbee trader that traded badly, a managed account where the "manager" traded badly (without the account holder's permission, or against the wishes of how the account would be traded), or Interbank FX hedging that went haywire? Someone make it clear exactly what happened, in order, so that it is clear what the complaint is Posted by mobbbb (Member # 7422) on June 21, 2006 10:25 AMJune 21, 2006 10:25 AM: Maybe a gohst entered the trades and then vanished while the asset manager was gone ?
Posted by PIPCANADA26 (Member # 9133) on July 12, 2006 06:28 AMJuly 12, 2006 06:28 AM: I went to a conference provided by Interbank here in Canada and by the way some people mention this topic and the representative from InterbankFX did say The CEO Crosland was going to reimburse Cashmonsters Investors For this failures.
I wonder the same why Interbank doesn't just sue Cashmonsters? legally who can prove the truth will win but by the way, then if Cashmonsters is right then they could squiz the big bucks from Interbank for defamation if they have a failure that causes those losses and more than that for revaling the traders name.
Was a bit impossible for me to believe that a serious company can have such failure in their software but when I saw this letter from this executive Paz I understood must be right, when you don't have nothing to excuse you just have to be quiet, why then give explanations? When people asked what this PAMM in question is they explained works for Percentage Allocation Money Manager is used for professional traders who manage several accounts you can set to distribute by percentage or by lots, usually they said you set it once and never again.
Paz mention in his post Cashmonsters Trader Changed the Pamm every day. I want to believe that but I can't. Reason Simply.
when another assistant to this seminar asked why a trader would want to change every day the pamm settings he just said. "I don't know" again, I'm a lawyer and that for me indicates a lie. In the other hand I asked what "hedge" term means and found that is short and long the same currency in the same account then this phrase make no sense from Interbank: "May 11 and 12 the British pound trended on a big way and touched 1.9000, forcing him to place a hedge 600 pips wide" Nobody gets forced to do nothing in Forex markets at least not even a new trader places a trade being forced by a Jedi Mind.
Making math 1.9000 - 600 pips= 1.8300 here is my Idea if this guy cashmonster is as good as everybody claim he was going to get not only those 600 pips back but maybe another 120 total 720 profit on the short side from the hedge, maybe such big earnings from Cashmonsters are not convenient from a company as Interbank plus trading with 620k I believe then is not hard to duplicate or triplicate an account. (I saw the pound as Paz Mentioned in his post and it went down to 1.8085 from 1.9000 that he claim is the top of the problem) As A lawyer I can say that if Interbank is right they can file a federal law suit against cashmonsters where they just need to proof they trade trying to loose money. The problem for Interbank is that as far as I can see Cashmonters has not made any comments or post as Interbank do a self defense.
They can not then complain Defamation. Here the Note from Zelli is good idea record your calls but that is illegal so wont be valid unless both sides agreed that both are being recorded. Then if interbank has Cashmonsters calls recorded they will win this case. I would love to hear Cashmonsters begging with the promises of more clients but I guess we wont see that. I wont open my possible self traded account with Interbank anymore and I wont open a managed account with Cashmonsters I would love to see who lies and who is honest but I want to trade I will open my account with Oanda and another one with FXSOL.
Any comments about FXSOL will be truly appreciated.Cashmonsters is famous for aggressive trading then 600 pips in question should be piece of cake for an aggressive trader, Interbank is famous for the 2 pips of spread and now for revealing names. I wonder then If Interbank detected a bad trader placing crazy trades why they just did not stop or block his trading screen? Interbank make money for every trade trough the spread.
I do not need to conclude then more.
Looking then at Cashmonsters side, Defamation if Interbank is proven wrong can be a big problem for this company. They made public the name of the trader. Reason for which I would not open my account with Interbank Even if I was happy with what this guys proposed in this seminar here in Canada. Why? well I consider that they fail in the "discretionary code" that every company should have. and by the way is included at Interbanks agreement, another reason for me to give a point to Cashmonsters.
And Finally and to conclude, when the representative from Interbank at the seminar mention that Crosland CEO from Interbak was going to reimburse the Investors that ringed my Lawyer heart. this CEO is smart who will want to have a bunch of complains at the NFA, CFTC and a pissed Trader claiming big bucks for defamation? what's the amount in the middle? 620k I guess that is piece of cake for Interbank to cover and avoid "interbank" as a post in Oandas Forum.
Nothing more disturbing. 2 great firms now full of dirt who will get clean? I don't know and I don't care I will trade at Oanda and FXSOL myself.
1. Felix Homogratus AKA "DIMITRI", Rob Grespi the owners of http://www.forexbastards.com are always looking to make quick money from the novice traders by hiding under the entity of http://www.forexbastards.com and similar sites and using it to publish public opinions about respectable brokerage firms whom they are considering as competitors; do not get fooled by theses scammers because this is the only way they can pay their bills, their victims are every where (you have been warned)!!!! They have a whole scam section every where just start searching about them on the web and you will be amazed
2. Felix Homogratus, Rob Grespi AKA "DIMITRI" the owners of http://www.forexbastards.com are big scammers many people have bought their stupid www.forexfreedom.com system and it was a major scam these guys are fools they have copied and pasted some crap into their claimed system and selling it to novice traders and make quick money from them. Do not go near them.
3. We know you are a major scam Felix!!! The words spreading like fire you and your http://www.forexbastards.com can not hide any more
4. This is what I found out about this "FELIX" http://www.forexbastards.com SCAMMER GUY looks like he is leaving a trail of destruction every where he goes the list of victims is growing its staggering. It's nice to see his victims unite to inform the public about this PROFFESSIONAL SCAMMER!!!!!SITES WITH COMPLAINT ON THIS GUYhttp://www.felixbastard.com/www.peterbainscam.comhttp://www.setbb.com/forexjudge/http://www.talkgold.com/forum/r107900-.html HIS GROWING LIST OF SCAM JUNK SITES.www.forexfreedom.comWWW.kingofforexsignal.COM WWW.FOREXBASTARDS.COM
5. Hi guys I love your creative post! I USED TO BE a client of Dimitri or Felix the liar at www.forexbastards.com . And this guy is a total scam his system is garbage, after using his bogus chat room and signals! "now" I understand why he lost his trading account and money. He has a real conflict of interest going there he calls all of his competitors scams. Just so he can promote his garbage. I lost a lot of money following his advice a few thousandStay away from his bogus news trading and stupid alert service. They all lose money. I subscribed with one of the people he called a scam and they turned out to be very profitable. And I even submitted a positive testimonial for www.fxringleader.com & winningtraderassociation and it never made it. !!!! Hummm I guess felix is a scum bag snake oil scammer / con artist.
6. I lost money on this www.kingforexsignal.com and that stupid www.freedomforex.com promoted by www.forexbastards.com
7. This scam artist Felix AKA Dimitri always says that "If you were scammed by these people, please write to me, and I will help you get your money back" what this snack means I WILL STEAL YOUR MONEY!!!! Be warned guys never go near him of his www.forexbastards.com scam site
This little punch of people doing what at least can be described as organized crime, inlcuding many other identities like Rob, Grespi, Rick, Ghafour, Rasheid, Omar, and many more masks....all fake
They promote their signal service, fooling novice forex traders to count on them in trading the news. they have caused hundreds of people to lose big money. they even dare to promise you if you lose that they can blackmail the broker to get you your money back.They have done that several times and we have seen traders burned by their flames, and they try to flame brokers too, some times succeed and others not. Google for felix combined with Oanda, interbankFX, FXCM, Forex.com, and any broker of your choice, you will see their scams, a replica used with tens of brokers over the past 3 years, and the victims, hundreds of traders who get broke.
See what I found about those bunch of crooks on the web, and don't ask me, I have been also burned by these theives.
The email sent by Felix the bastard:
"Hi there One of my full time forex trading buddies just had a serious problem happen. He had an account with www.Interbankfx.com with $620,000 of real money in it. They went through some "technical difficulties", executed a bunch of trades that he didn't execute, margin called him, e.t.c. Long story short, lost him $280,000 in a matter of days, because of "technical difficulties".
Then he spoke to the CEO of the company, who shook his hand, admitted that these were indeed technical difficulties, and he would take care of him.
Now, they are dropping the ball on him, saying that he is a beginner trader, and it was all his fault...I mean these guys opened some trades while this guy was out of town!
Having this website, I get a bunch of different complaining emails from people, and obviously I usually don't email about people's problems to you. But in all honesty, I know this guy very well personally, I've seen his account statements, and I know he is not bullshitting me. I mean this guy was making hundreds of thousands in forex, while I was still in high school, and didn't even know what the word forex meant. And by the way, it's not Tom or Rob...it's somebody else.
Here is the real reason why I am emailing you. This guy has a lawsuit going against Interbank FX right now, he already has a federal attorney involved, and he is trying to shut these suckers down, in addition to getting some of his money back.
If you had an account with Interbank FX, and you also feel you got "screwed" by them, then perhaps you could add yourself to the lawsuit, and recover some of your losses, and put an extra complaint against them to get them shut down.
If you want to get involved in this or have some other helpful information for my friend, please don't respond to this email, instead send an email with your story to interbankfxfraud@forexbastards.com
To Our Success!
-Felix Homogratus"
Posted by GreenField (Member # 2533) on June 20, 2006 02:45 PMJune 20, 2006 02:45 PM:
So now we hear from both sides, let us think about it, make good judgement, and do further research if we have to. Know the truth and the truth will set you free. Here is the email I got from Interbankfx:
Hello Mr. Chang,
I appreciate your comments and we have to say that we are saddened by the potential impact that lies and rumors can cause. To help you help us to combat these types of deceptions, we are providing you additional details which you can distribute. They are a summary of a 6 page response letter which was sent to Cashmonsterz clients.
Warm regards,
Javier H. Paz
Institutional Sales Director
A reckless and unprincipled trader named Carlos Roman, of Cashmonsterz, has apparently asked his buddy Dmitri (Felix) of www.forexbastards.com to defame Interbank FX. Carlos turned $370,000 into a $100,000 master account in a matter of days. His approach to trading was to max out the available margin of the master, to close the positive side of trades and let the open losses ride with the hope that the market would turn around.
In sideways markets this approach might work many times, but on May 11 and 12 the British pound trended on a big way and touched 1.9000, forcing him to place a hedge 600 pips wide! After that point, the sub-accounts were on intensive care. He called multiple times asking us to cancel the trades with the promise of bringing more clients to us.
We told him we couldn't do this for him. To complicate matters further, he changed Pamm settings an average of once a day and kept on trading aggressively taking many accounts to a margin call situation
The more he changed the Pamm settings, the more difficult it was to perfectly hedge open positions.
Throughout this period, Interbank FX tried all within its power to make sure that subaccounts were hedged, but things evolved to a point were several subaccounts could no longer be hedged because they had fallen below the 100% margin level. Posted by stevegee58 (Member # 4086) on June 20, 2006 03:01 PMJune 20, 2006 03:01 PM My god.
If I'd been pushing trades with my *own* money to the max like that I'd be sh1tting my pants. If it was other people's money, I'd jump out a freaking window if I wasn't dead from a coronary already.
Posted by FisherKing (Member # 3924) on June 20, 2006 03:05 PMJune 20, 2006 03:05 PM: I'm going to have to believe Intebankfx on this one. Posted by Piprider (Member # 4331) on June 20, 2006 03:24 PMJune 20, 2006 03:24 PM: I will believe interbank fx too.
It looks like Mr. D u m b A s s was good enough to attract money from clients - good enough to feel it is a marketable enough skill to offer it in trade for having his dealer take the losses of the positions he accumulated but with money management skills equivalent to those of Danielgsx.
Then, he tries to mitigate the damage by trying to play on the public opinion's general distrust of market makers. He should have partnered up with someone who can really trade and relegated himself solely to the solicitation of funds from clients.
Instead, he took everyone to the crapper at lightspeed.
Posted by OrlandoFlyBoy (Member # 3974) on June 21, 2006 10:20 AMJune 21, 2006 10:20 AM: Well, I don't get it.
It appears that they are talking about two different things, but making it sound like the same thing. Was this a platform error that executed trades by itself, a newbee trader that traded badly, a managed account where the "manager" traded badly (without the account holder's permission, or against the wishes of how the account would be traded), or Interbank FX hedging that went haywire? Someone make it clear exactly what happened, in order, so that it is clear what the complaint is Posted by mobbbb (Member # 7422) on June 21, 2006 10:25 AMJune 21, 2006 10:25 AM: Maybe a gohst entered the trades and then vanished while the asset manager was gone ?
Posted by PIPCANADA26 (Member # 9133) on July 12, 2006 06:28 AMJuly 12, 2006 06:28 AM: I went to a conference provided by Interbank here in Canada and by the way some people mention this topic and the representative from InterbankFX did say The CEO Crosland was going to reimburse Cashmonsters Investors For this failures.
I wonder the same why Interbank doesn't just sue Cashmonsters? legally who can prove the truth will win but by the way, then if Cashmonsters is right then they could squiz the big bucks from Interbank for defamation if they have a failure that causes those losses and more than that for revaling the traders name.
Was a bit impossible for me to believe that a serious company can have such failure in their software but when I saw this letter from this executive Paz I understood must be right, when you don't have nothing to excuse you just have to be quiet, why then give explanations? When people asked what this PAMM in question is they explained works for Percentage Allocation Money Manager is used for professional traders who manage several accounts you can set to distribute by percentage or by lots, usually they said you set it once and never again.
Paz mention in his post Cashmonsters Trader Changed the Pamm every day. I want to believe that but I can't. Reason Simply.
when another assistant to this seminar asked why a trader would want to change every day the pamm settings he just said. "I don't know" again, I'm a lawyer and that for me indicates a lie. In the other hand I asked what "hedge" term means and found that is short and long the same currency in the same account then this phrase make no sense from Interbank: "May 11 and 12 the British pound trended on a big way and touched 1.9000, forcing him to place a hedge 600 pips wide" Nobody gets forced to do nothing in Forex markets at least not even a new trader places a trade being forced by a Jedi Mind.
Making math 1.9000 - 600 pips= 1.8300 here is my Idea if this guy cashmonster is as good as everybody claim he was going to get not only those 600 pips back but maybe another 120 total 720 profit on the short side from the hedge, maybe such big earnings from Cashmonsters are not convenient from a company as Interbank plus trading with 620k I believe then is not hard to duplicate or triplicate an account. (I saw the pound as Paz Mentioned in his post and it went down to 1.8085 from 1.9000 that he claim is the top of the problem) As A lawyer I can say that if Interbank is right they can file a federal law suit against cashmonsters where they just need to proof they trade trying to loose money. The problem for Interbank is that as far as I can see Cashmonters has not made any comments or post as Interbank do a self defense.
They can not then complain Defamation. Here the Note from Zelli is good idea record your calls but that is illegal so wont be valid unless both sides agreed that both are being recorded. Then if interbank has Cashmonsters calls recorded they will win this case. I would love to hear Cashmonsters begging with the promises of more clients but I guess we wont see that. I wont open my possible self traded account with Interbank anymore and I wont open a managed account with Cashmonsters I would love to see who lies and who is honest but I want to trade I will open my account with Oanda and another one with FXSOL.
Any comments about FXSOL will be truly appreciated.Cashmonsters is famous for aggressive trading then 600 pips in question should be piece of cake for an aggressive trader, Interbank is famous for the 2 pips of spread and now for revealing names. I wonder then If Interbank detected a bad trader placing crazy trades why they just did not stop or block his trading screen? Interbank make money for every trade trough the spread.
I do not need to conclude then more.
Looking then at Cashmonsters side, Defamation if Interbank is proven wrong can be a big problem for this company. They made public the name of the trader. Reason for which I would not open my account with Interbank Even if I was happy with what this guys proposed in this seminar here in Canada. Why? well I consider that they fail in the "discretionary code" that every company should have. and by the way is included at Interbanks agreement, another reason for me to give a point to Cashmonsters.
And Finally and to conclude, when the representative from Interbank at the seminar mention that Crosland CEO from Interbak was going to reimburse the Investors that ringed my Lawyer heart. this CEO is smart who will want to have a bunch of complains at the NFA, CFTC and a pissed Trader claiming big bucks for defamation? what's the amount in the middle? 620k I guess that is piece of cake for Interbank to cover and avoid "interbank" as a post in Oandas Forum.
Nothing more disturbing. 2 great firms now full of dirt who will get clean? I don't know and I don't care I will trade at Oanda and FXSOL myself.
1. Felix Homogratus AKA "DIMITRI", Rob Grespi the owners of http://www.forexbastards.com are always looking to make quick money from the novice traders by hiding under the entity of http://www.forexbastards.com and similar sites and using it to publish public opinions about respectable brokerage firms whom they are considering as competitors; do not get fooled by theses scammers because this is the only way they can pay their bills, their victims are every where (you have been warned)!!!! They have a whole scam section every where just start searching about them on the web and you will be amazed
2. Felix Homogratus, Rob Grespi AKA "DIMITRI" the owners of http://www.forexbastards.com are big scammers many people have bought their stupid www.forexfreedom.com system and it was a major scam these guys are fools they have copied and pasted some crap into their claimed system and selling it to novice traders and make quick money from them. Do not go near them.
3. We know you are a major scam Felix!!! The words spreading like fire you and your http://www.forexbastards.com can not hide any more
4. This is what I found out about this "FELIX" http://www.forexbastards.com SCAMMER GUY looks like he is leaving a trail of destruction every where he goes the list of victims is growing its staggering. It's nice to see his victims unite to inform the public about this PROFFESSIONAL SCAMMER!!!!!SITES WITH COMPLAINT ON THIS GUYhttp://www.felixbastard.com/www.peterbainscam.comhttp://www.setbb.com/forexjudge/http://www.talkgold.com/forum/r107900-.html HIS GROWING LIST OF SCAM JUNK SITES.www.forexfreedom.comWWW.kingofforexsignal.COM WWW.FOREXBASTARDS.COM
5. Hi guys I love your creative post! I USED TO BE a client of Dimitri or Felix the liar at www.forexbastards.com . And this guy is a total scam his system is garbage, after using his bogus chat room and signals! "now" I understand why he lost his trading account and money. He has a real conflict of interest going there he calls all of his competitors scams. Just so he can promote his garbage. I lost a lot of money following his advice a few thousandStay away from his bogus news trading and stupid alert service. They all lose money. I subscribed with one of the people he called a scam and they turned out to be very profitable. And I even submitted a positive testimonial for www.fxringleader.com & winningtraderassociation and it never made it. !!!! Hummm I guess felix is a scum bag snake oil scammer / con artist.
6. I lost money on this www.kingforexsignal.com and that stupid www.freedomforex.com promoted by www.forexbastards.com
7. This scam artist Felix AKA Dimitri always says that "If you were scammed by these people, please write to me, and I will help you get your money back" what this snack means I WILL STEAL YOUR MONEY!!!! Be warned guys never go near him of his www.forexbastards.com scam site
Wednesday, October 17, 2007
How to Trade with Pivot Points
The pivot point should be the first place you look at to enter a trade, since it is the primary support/resistance level. The biggest price movements usually occur at the price of the pivot point.
Only when price reaches the pivot point will you be able to determine whether to go long or short, and set your profit targets and stops. Generally, if prices are above the pivot it’s considered bullish, and if they are below it’s considered bearish
Let’s say the price is hovering around the pivot point and closes below it so you decide to go short. Your stop loss would be above PP and your initial profit target would be at S1.
However, if you see prices continue to fall below S1, instead of cashing out at S1, you can move your existing stop-loss order just above S1 and watch carefully. Typically, S2 will be the expected lowest point of the trading day and should be your ultimate profit objective.
The converse applies during an uptrend. If price closed above PP, you would enter a long position, set a stop loss below PP and use the R1 and R2 levels as your profit objectives.
you can gather more information at : www.forexgen.com
Only when price reaches the pivot point will you be able to determine whether to go long or short, and set your profit targets and stops. Generally, if prices are above the pivot it’s considered bullish, and if they are below it’s considered bearish
Let’s say the price is hovering around the pivot point and closes below it so you decide to go short. Your stop loss would be above PP and your initial profit target would be at S1.
However, if you see prices continue to fall below S1, instead of cashing out at S1, you can move your existing stop-loss order just above S1 and watch carefully. Typically, S2 will be the expected lowest point of the trading day and should be your ultimate profit objective.
The converse applies during an uptrend. If price closed above PP, you would enter a long position, set a stop loss below PP and use the R1 and R2 levels as your profit objectives.
you can gather more information at : www.forexgen.com
How to Calculate Pivot Points
The pivot point and associated support and resistance levels are calculated by using the last trading session’s open, high, low, and close. Since Forex is a 24-hour market, most traders use the New York closing time of 4:00pm EST as the previous day’s close.
for more information :
http://forexgen.com/level-3-essentials/how-to-calculate-pivot-points.html
for more information :
http://forexgen.com/level-3-essentials/how-to-calculate-pivot-points.html
Pivot Points
Professional traders and market makers use pivot points to identify important support and resistance levels. Simply put, a pivot point and its support/resistance levels are areas at which the direction of price movement can possibly change.
Pivot points are especially useful to short-term traders who are looking to take advantage of small price movements.
Pivot points can be used by both range-bound traders and breakout traders. Range-bound traders use pivot points to identify reversal points. Breakout traders use pivot points to recognize key levels that need to be broken for a move to be classified as a real deal breakout.
you can learn more about it on :
http://forexgen.com/level-3-essentials/pivot-points.html
Pivot points are especially useful to short-term traders who are looking to take advantage of small price movements.
Pivot points can be used by both range-bound traders and breakout traders. Range-bound traders use pivot points to identify reversal points. Breakout traders use pivot points to recognize key levels that need to be broken for a move to be classified as a real deal breakout.
you can learn more about it on :
http://forexgen.com/level-3-essentials/pivot-points.html
Opening a Trading Account
Opening a new online trading account with a Forex broker can be done in three simple steps:
1 -Selecting an account type
2 -Registration
3 -Activating your account
Before trading a dime of your hard earned money, you may want to think about opening demo account. Actually, open up two or three demos - why not? It’s all FREE! Try out several different brokers to get a feel for the right one for you.
you can learn about it at : www.forexgen.com
1 -Selecting an account type
2 -Registration
3 -Activating your account
Before trading a dime of your hard earned money, you may want to think about opening demo account. Actually, open up two or three demos - why not? It’s all FREE! Try out several different brokers to get a feel for the right one for you.
you can learn about it at : www.forexgen.com
Choosing a Forex Broker
This lesson is made in nutral spirit. We will not by any means, try to mention ForexGen or favorite it above any other broker in the market. This is a generic best practice that teaches you how to choose your broker in the best possible fashion.
Before trading Forex you need to set up an account with a Forex broker. So what exactly is a broker? In simplest terms, a broker is an individual or a company that buys and sells orders according to the trader's decisions. Brokers earn money by charging a commission or a fee for their services.
You may feel overwhelmed by the number of brokers who offer their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers.
Before trading Forex you need to set up an account with a Forex broker. So what exactly is a broker? In simplest terms, a broker is an individual or a company that buys and sells orders according to the trader's decisions. Brokers earn money by charging a commission or a fee for their services.
You may feel overwhelmed by the number of brokers who offer their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers.
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